Kempen Lux Euro Sustainable Credit Fund - Class I

Profile

Kempen International Funds SICAV - Kempen (Lux) Euro Sustainable Credit Fund (the Fund) invests primarily in credits that have an investment grade rating (of minimal BBB-) and are denominated in Euros. In addition, these companies must comply with strict sustainability criteria. The Fund may invest a small part in credits that are not included in the benchmark.

The benchmark, the Markit iBoxx Euro Corporates Index, only includes bonds with an investment grade rating. The Fund aims to earn a higher total long term return than the benchmark by implementing an active investment policy. In order to achieve this, a diversified portfolio is constructed and investment risks are continuously monitored. Investments are selected on the basis of extensive analysis of the terms and conditions of the bond issues.

 

          

Management team

Alain van der Heijden, Joost de Graaf, Bart aan den Toorn, Harold van Acht, Lizelle du Plessis, Kim Lubbers, Tetiana Kharlamova, Arif Bagasrawalla

Performance per 2021-09-30 (rebased)

No chart data available

Performance per 2021-09-30

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  Fund Benchmark
1 month -0.7 % -0.7 %
3 months 0.0 % 0.1 %
This year -0.6 % -0.4 %
2019 2.2 % 2.4 %
2020 3.6 % 2.7 %
1 year (on annual basis) 1.3 % 1.6 %
Since inception (on annual basis) i 2.2 % 2.0 %
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 936.61 M 2021-09-30
Share class size
EUR 583.61 M 2021-09-30
Number of shares
553,598 2021-09-30
Net Asset Value i
EUR 1,047.27 2021-10-22
Turnover rate
227.38 %
The turnover rate figure is per the end of the financial year of the fund and will be updated once a year.

Fund characteristics per 2021-09-30

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  Fund Benchmark
Number of holdings 289 3255
Duration i 5.3 5.3
Yield to maturity 0.5 %
Weighted rating A- BBB+
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Developments per 2021-09-30

In September, the iBoxx Euro Corporates Index tightened by 2 basis points to a level of 54 basis points over the swap curve. This is equivalent to 84 basis points over the government bond curve. The index earned a total return of -0.68%. German 10-year government bond yields closed September at -0.20%, representing an increase of 18 basis points compared to the end of August.

Inflation was the number one point of debate during September, closely followed by the possible bankruptcy of one of China’s biggest real estate developers named Evergrande. In the end the Evergrande situation had relatively little impact on market sentiment as the consensus expectation took hold that the Chinese government will be able to manage down the $300 billion balance sheet in a relatively orderly fashion. Asian High Yield markets were however clearly impacted. Furthermore a strong rise in energy and gas prices also affected market sentiment. Price increases of more than 50% were seen in Europe but also in China. This contributed to the aforementioned inflation debate.

Economic data remained strong in Europe and to a lesser extent in the US, with Euro Area Composite PMI remaining near the 15 year high at 59 and the US PMI settling at the 55.4 level. In China, the services PMI rebounded to 53.2 from the weak August reading of 47.5. However, the manufacturing PMI declined further to 49.6, indicating a very mild contraction of activity in the manufacturing sector. There are more and more signs that the global economy is impacted by supply shortages in several sectors which is holding back economic activity. It might also cause inflation to remain elevated for a longer period than initially expected.

September inflation data at least didn’t indicate a near term levelling off in upward price pressure. US CPI of 5.3% and core CPI at 4.0%, both stayed close to recent highs (5.4% and 4.5% respectively). Europe’s estimated CPI for September saw the year-on-year increase at 3.4%, compared to an August reading of 3.0%.

As a result, European bond yields continued to widen in September, with spreads on bunds, OATs and BTPs widening by 18, 18 and 15 basis points, respectively. Central bank commentary from the FED and ECB indicated a little bit less certainty with regard to the temporary nature of the recent high inflation data. We also saw several smaller central banks raise rates around the world to contain inflationary expectations. The Bank of England also surprised by stating that they could raise rates while simultaneously reducing their quantitative easing programme.

Similar to Europe, yields on 10 year US Treasuries increased by 18 basis points to 1.49%. The Fed minutes indicate a desire to raise rates in the second half of 2022.

Further US fiscal stimulus has stalled for now after the Senate voted in favor of the so called infrastructure bill; this has however not been approved yet by the House of Representatives. The debt ceiling again came into play in the political debate and a government shutdown was averted at the last minute by agreeing on a temporary funding plan. It doesn’t appear that Biden’s grand spending plan will be approved anytime soon.

The COVID-19 pandemic held little sway over markets during September. More and more countries are opening up again for foreign travel. Australia basically abandoned the zero COVID strategy realizing that this is not a long term strategy.

In credit, primary markets were very active in September. Supply was heavy in the beginning of the month but slowed down towards the end. At €73.6 billion gross, this was the strongest month YTD and also higher than the €60.1 billion of gross supply in September 2020. A driving factor was cross-border issuance due to the cheapness of € corporate bond markets. Notable was the tendency towards longer-dated maturities. The split between financials and corporates was €35.7 billion / €37.9 billion. Issuance across CoCo/LT2/Corp hybrids in September was €4.6/4.9/5.4 billion compared to €1.8/4.3/5.7 billion in September last year. Net supply amounted to €17.1 billion (August was €9.7 billion). Most issuance priced close to our assessment of FV, new issue premiums remain limited.

The demand for credit remained strong in September despite the abovementioned turmoil. Although the ECB scaled back its PEPP program as communicated earlier, investors poured more money into Euro credit funds which compensated most of this. Inflows for August were €2.3 billion (0.9% of AUM), September inflows were strong at 1.1% of AUM. CSPP purchases in September were €5.5 billion, in line with the monthly average YTD. The inflows and technical support in the market have led to the supply being well absorbed. The PEPP purchases were lower with €75 billion purchased in September compared to slightly more than €80 billion on average in the May – July period.

In September, Infrastructure and Food & Beverage were the underperforming sectors. This can be mainly attributed to the longer duration of these sectors. Travel & Leisure was by far the best performing sector as several airlines did equity raisings and more barriers for international travel were removed.

The portfolio delivered a return of -0.72% (gross). This was 4 basis points below the benchmark return of -0.68%. During the month, the portfolio’s sensitivity to market trends varied between 100% and 103%. The portfolio therefore held a small overweight positioning in terms of market risk. Our positioning in Banks, Telecommunications and Technology performed relatively well in September. Our positioning in Oil & Gas and Chemicals had a small negative impact on performance. At individual company level, positive contributions came from our overweight in Veolia Environment while our underweights in Orange and Unibail also contributed positively. Negative contributions came from amongst others our overweights in Apa Group and Coca-Cola Company.

In September, the Fund participated in new deals from amongst others Sofina, Adecco, and Woolworths amongst others. On the financials side, we participated in ING Group, NN Bank, Credit Agricole and Swiss Life amongst others. We continue to take a conservative approach towards participating in new issues as new issue premiums are limited and all in valuations are stretched.

Outlook
We remain fairly constructive on the market. US and European economic data remains strong but growth rates are slowing. Companies’ Q2 2021 results are supportive, with many companies revising guidance upwards. However we are currently seeing increasing signs of shareholder friendly behaviour, with more companies increasing dividends, launching substantial share buyback programmes or showing appetite for M&A. With spreads at all-time lows, valuations are looking really expensive. The technical backdrop continues to remain supportive for now with the ECB continuing to actively buy corporate bonds and being very clear that actual tapering is some time off and will be done in a very gradual manner.

Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Performance per 2021-09-30 (rebased)

No chart data available

Performance per 2021-09-30

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  Fund Benchmark
1 month -0.7 % -0.7 %
3 months 0.0 % 0.1 %
This year -0.6 % -0.4 %
2019 2.2 % 2.4 %
2020 3.6 % 2.7 %
1 year (on annual basis) 1.3 % 1.6 %
Since inception (on annual basis) i 2.2 % 2.0 %
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
No
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Maturity profile (2021-09-30)

Fund
Benchmark
30.5 %
5-7 year
21.2 %
21.6 %
3-5 year
26.6 %
18.1 %
0-3 year
25.8 %
17.1 %
7-10 year
16.2 %
9.9 %
> 10 year
10.3 %
2.8 %
Cash
0.0 %
Total
100 %
100 %

Sector allocation (2021-09-30)

29.5 %
Banks
13.9 %
Consumer Goods & Services
10.4 %
Utilities
10.0 %
Telecom & Technology
9.2 %
Financial Services & Real estate
8.3 %
Health Care
7.1 %
Industry
4.4 %
Insurance
3.4 %
Energy
2.8 %
Other
1.0 %
Basic Materials
Total
100 %
The cash position is included in ‘Other’.

Rating allocation (2021-09-30)

Fund
Benchmark
7.3 %
AA
8.2 %
38.8 %
A
39.1 %
44.1 %
BBB
52.4 %
5.1 %
BB
0.0 %
1.9 %
Not Rated
0.0 %
2.8 %
Cash
0.0 %
0.0 %
AAA
0.3 %
Total
100 %
100 %
The rating allocation of the Fund is based on the Bloomberg Composite method. The rating allocation of the benchmark is based on the rating allocation used by provider Markit iBoxx.

Top 10 holdings (2021-09-30)

1.9 %
0.250% Daimler 2019-23
1.6 %
0.125% Toyota Motor Credit Corp 2021-27
1.4 %
1.500% Enexis 2015-23
1.2 %
2.125% BNP Paribas 2019-27
0.9 %
4.625% Veolia Environnement 2012-27
0.9 %
0.000% Clearstream Banking 2020-25
0.8 %
2.125% ING GROEP 2020-31
0.8 %
1.200% Procter & Gamble 2018-28
0.8 %
1.750% Great-West Life 2016-26
0.8 %
2.500% Danaher 2020-30
Total
11.0 %
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.320 %
Service fee i
0.10 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0,43 %
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Share class details

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Share class
I i
Investor type
Institutional
Distributing
No
Benchmark i
Markit iBoxx Euro Corporates Index
Duration hedged
No
Investment category
Credits
Universum
European credits
Inception date
2019-05-14
Domicile
Luxembourg
May be offered to professional investors only in
Belgium, France, Germany, Luxembourg, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Administrator
BNP Paribas Securities Services S.C.A., Luxembourg branch
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas Securities Services S.C.A., Luxembourg branch

Tradability

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Minimum subscription
Initial subscription: €50,000, additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0986646882
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Kempen's vision and mission

Kempen Capital Management is an asset manager that believes in stewardship and investment focusing on the long-term for the benefit of all stakeholders. Value creation is at the heart of the services we provide to our clients. We believe that being an engaged shareholder on environmental, social and governance (ESG) issues and retaining a long-term focus, is critical to helping our clients to preserve and create sustainable wealth that has positive real world impact and economic returns.

Kempen wide approach to responsible investment

We are committed to create sustainable alpha. The four pillars of our ESG-policy are:

  • ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.

  • Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.

  • Active ownership: Being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate behaviour on specific ESG issues and achieve positive change

  • Positive impact: Investing with an objective to achieve positive real world outcomes and impact, such as contributing to the UN Sustainable Development Goals.6

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To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial, and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance. This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.

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Through collaboration with other investors and industry think tanks we contribute to the development of principles and standards of corporate responsibility both at sector levels, as well as investee company level.

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Our full voting records are available here.

Climate change

As a long-term investor, we believe climate change represents a systemic risk facing the economy, society and environment. We want to consider the risks and opportunities this presents to our investments in the coming decades. We have therefore set a long-term commitment (2050), a mid-term ambition (2030) and short-term objectives (2025).

  • 2050 commitment: Net-zero investor.  Â
  • 2030 ambition: To align with a Paris Agreement pathway (listed and non-listed investments) and Dutch Klimaatakkoord.  Â
  • 2025 objectives: To align with a pathway towards achieving the Paris Agreement (listed investments) and Dutch Klimaatakkoord goals.[1]

The Kempen climate change policy can be found here (under climate change policy).

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[1]We use carbon intensity as a metric to come to the pathway of net-zero emissions. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the suggested average trend line. The pathway is derived from the pathway of the EU Benchmarks.

OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

Kempen (Lux) Euro Sustainable Credit Fund primarily aims to generate a long-term return in excess of the Markit iBoxx Euro Corporates Index (the “Benchmark”), comprising capital growth and income, by investing in corporate bonds issued by companies which comply with strict sustainability criteria.

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We aim to align with a pathway towards achieving the Paris Agreement and Dutch Klimaatakkoord goals for our portfolio, as well as the EU Climate Transition Benchmark[2].

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Kempen’s ESG policy is implemented in our fund’s investment process by the following pillars: Exclusion, Integration and Active ownership.

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[2] The EU Benchmarks consists of two climate benchmarks, Climate Transition Benchmark and Paris Aligned Benchmark, which have the aim to reach net-zero emissions by 2050 - in line with the 1.5?C scenarios from the IPCC. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the average pathway. We use carbon intensity (based on Revenues) as the forward looking climate metric.

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Exclusion & Avoidance

In line with the general Kempen policy, the Kempen (Lux) Euro Sustainable Credit Fund excludes all companies on the KCM Exclusion- or Avoidance list.

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Companies that ‘Fail’ marked against the criteria of the United Nations Global Compact or those companies that attract a red flag on the MSCI ESG impact monitor are excluded.

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Companies scoring an MSCI ESG rating CCC are excluded. Companies that score a MSCI ESG rating of B are excluded on a comply or explain basis.

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The Kempen (Lux) Euro Sustainable Credit Fund also excludes companies based on additional sustainability criteria as listed in the table below.

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More information on our exclusion criteria and thresholds can be found here.

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EXCLUSION CRITERIA FOR KEMPEN SUSTAINABLE GLOBAL HIGH DIVIDEND FUND

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KEMPEN CRITERIA

ADDITIONAL SUSTAINABILITY CRITERIA

Corporate conduct

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x     Human rights

V

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x     Labour rights

V

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x     Environment

V

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x     Anti-corruption

V

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Product involvement

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x     Controversial weapons

V

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x     Tobacco

V

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x     Thermal Coal

V

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x     Tar Sands

V

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x     Adult Entertainment

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V

x     Alcohol

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V

x     Animal welfare & GMO

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V

x     Gambling

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V

x     Nuclear power

       generation

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V

x     Carbon-intensive

       power generation

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V

x     (Un)conventional

       oil & gas extraction

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V

x     Weaponry

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V

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ESG Integration

The assessment of companies’ ESG profiles is an integral part of our investment process. We assess each company on a case-by-case basis, taking into account material risks in a given industry in combination with the company’s respective risk exposure, practices and disclosure.

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A low score on ESG criteria can result in the demand for an additional premium on the company’s bonds and/or initiation of an engagement with the issuer. If ESG risks are deemed too severe, an investment in the company will be avoided and/or existing holdings will be sold.

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On a quarterly basis, the Kempen Responsible Investment team screens the holdings of the Kempen Euro Credit Strategies, and discusses the findings with the portfolio managers.

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Active Ownership

As active investors we perform comprehensive engagements with our portfolio companies with the objective to unlock value and reduce risk.

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Our engagement process defines clear objectives of which the progress and result is tracked and well documented. If at any stage the company refuses to cooperate, divestment has to be considered.

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Engagement examples can be found here

Risks

For more information about the mid and long term risks associated with the investments:

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* Although Kempen Capital Management N.V.’s information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

ESG Report
Febelfin
Label ISR
Screening MSCI ESG Research
Screening MSCI ESG Research
UN global impact
Bron en
disclaimer en
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.